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Tesla’s Profitability and the Surprising Thing That Could Threaten It<blockquote>特斯拉的盈利能力以及可能威胁它的令人惊讶的事情</blockquote>

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The explosion in electric vehicle (EV) demand has served to vindicate the vision of Tesla’s&nbsp;(TSLA) -Get Report&nbsp;celebrity CEO Elon Musk. Indeed, the surge in demand for EVs has not only vindicated his foresight, but allowed his company to remain a market leader above late-coming competitors.<blockquote>电动汽车领域日益激烈的竞争不仅会抑制特斯拉的增长率，还会减少一大收入来源。电动汽车(EV)需求的爆炸式增长证明了特斯拉的愿景（特斯拉）-获取名人首席执行官埃隆·马斯克的报告。事实上，电动汽车需求的激增不仅证明了他的远见，也让他的公司保持了超越后来者竞争对手的市场领导者地位。</blockquote> However, while the company Musk leads as Technoking is no doubt a market leader, it has not solely cashed in by beating its competitors in terms of sales. Instead, a key to the company's recent turn to profitability has come from taking advantage of government incentives and selling the excess incentives it holds to these very same competitors. And now that many of these competitors are engaging more aggressively in EVs themselves, Tesla may soon find itself without many of these customers and, therefore, without a significant contributor to its profits.<blockquote>然而，尽管马斯克领导的Technoking公司无疑是市场领导者，但它并不仅仅通过在销售额上击败竞争对手来获利。相反，该公司最近扭亏为盈的关键来自于利用政府激励措施，并将其持有的多余激励措施出售给这些竞争对手。现在，许多竞争对手都在更积极地涉足电动汽车领域，特斯拉可能很快就会发现自己没有了许多这样的客户，因此也没有对其利润做出重大贡献。</blockquote> Raking in the Regulatory Credits<blockquote>赚取监管信用</blockquote> The credits that Tesla has handsomely profited from are tradable credits offered by various governments around the world for zero-emission vehicles. The fact that they are tradable is crucial since this allows Tesla to sell the credits to other automakers who might not otherwise comply with emission standards without the use of these credits. The set-up allows Tesla to book the credits as purely additive to its top line, with the automakers buying these credits avoiding hefty fines from regulators.<blockquote>特斯拉从中获得丰厚利润的积分是世界各国政府为零排放汽车提供的可交易积分。它们可交易的事实至关重要，因为这使得特斯拉可以将信用额出售给其他汽车制造商，如果不使用这些信用额，这些汽车制造商可能无法遵守排放标准。这种设置允许特斯拉将积分纯粹作为其营收的附加物，汽车制造商购买这些积分可以避免监管机构的巨额罚款。</blockquote> Per Tesla’s most recent 10-K filing, the company earned $1.58 billion from the sale of these credits in 2020, up from $594 million in the year prior and $419 million in 2018. The year-over -year jump notwithstanding, the credit sales might appear to be a paltry sum given the company’s $31.5 billion in total revenue in 2020. However, their nature as purely profit, in contrast to capital intensive auto manufacturing, means they have been a pivotal part of Tesla’s push towards profitability.<blockquote>根据特斯拉最近提交的10-K文件，该公司在2020年通过出售这些积分赚取了15.8亿美元，高于上一年的5.94亿美元和2018年的4.19亿美元。尽管同比增长，但考虑到该公司2020年315亿美元的总收入，信贷销售额似乎微不足道。然而，与资本密集型汽车制造业相比，它们纯粹是利润的性质意味着它们一直是特斯拉推动盈利的关键部分。</blockquote> Indeed, Tesla’s much-lauded $721 million profit in 2020, the very first profitable full year in its history, was clearly boosted over the top by the surge in regulatory credit sales. Had they remained consistent with the prior periods, the landmark year would have been left short of break-even, keeping up the company's trend of annual losses maintained since its inception.<blockquote>事实上，特斯拉2020年备受赞誉的7.21亿美元利润，这是其历史上第一个全年盈利的一年，显然是受到监管信贷销售激增的提振。如果它们与前几个时期保持一致，这一具有里程碑意义的一年将无法实现收支平衡，从而保持该公司自成立以来一直保持的年度亏损趋势。</blockquote> The trend has continued into 2021 as the company reported $518 million in revenues from credit salesin the first quarter, which boosted the company once again to a $438-million quarterly profit. While vehicle deliveries consistently catch the headlines, it's clear that the regulatory credits are buoying the automaker into the black.<blockquote>这一趋势一直持续到2021年，该公司报告第一季度信贷销售收入为5.18亿美元，这再次使该公司季度利润达到4.38亿美元。虽然汽车交付量不断成为头条新闻，但很明显，监管信贷正在帮助这家汽车制造商实现盈利。</blockquote> Competition Cuts Into Cash Flow<blockquote>竞争削减现金流</blockquote> The problem with the profit margin may be approaching faster than some have anticipated as well, with the increased entry of traditional automakers like Ford&nbsp;(F) -Get Report, General Motors&nbsp;(GM) -Get Report, and Stellantis STLA into the EV space.<blockquote>随着福特等传统汽车制造商的加入，利润率问题的解决速度可能也比一些人预期的要快（F)-获取报告，通用汽车(GM)-获取报告，Stellantis STLA进入电动汽车领域。</blockquote> While much of the focus revolves around these companies’ threat to Tesla’s core auto sales, the popularity of Tesla among its devoted fans might sustain it amidst the hard-charging competition. As such, the trajectory of its sales, while now threatened by competent competition, remains somewhat murky at the moment.<blockquote>虽然大部分焦点都围绕着这些公司对特斯拉核心汽车销售的威胁，但特斯拉在其忠实粉丝中的受欢迎程度可能会在激烈的竞争中维持其地位。因此，其销售轨迹虽然现在受到激烈竞争的威胁，但目前仍然有些模糊。</blockquote> The question of regulatory credit impact is much more straightforward. If Tesla’s competitors are producing their own electric vehicles and fewer ICE autos, they have no need to spend so substantially on buying credits from Tesla.<blockquote>监管信用影响的问题要简单得多。如果特斯拉的竞争对手生产自己的电动汽车并减少内燃机汽车，他们就没有必要花这么多钱从特斯拉购买积分。</blockquote> Per a Reuters report, Fiat Chrysler agreed to purchase $2.4 billion worth of emissions credits from Tesla from 2019 through 2021, likely accounting for a lion’s share of the roughly $2.2 billion recorded in total in credits sold in Tesla’s 2019 and 2020 10-K filings. However, after Fiat Chrysler merged with French automaker PSA Group in May to form Stellantis, this reliable revenue stream looks likely to fade.<blockquote>据路透社报道，菲亚特克莱斯勒同意在2019年至2021年期间从特斯拉购买价值24亿美元的排放信用额，这可能占特斯拉2019年和2020年10-K文件中出售的信用额总额约22亿美元的大部分。然而，在菲亚特克莱斯勒5月份与法国汽车制造商PSA集团合并成立Stellantis后，这一可靠的收入来源似乎可能会消失。</blockquote> \"With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,\" Stellantis CEO Carlos Tavares told French media after the merger. \"Thus, we will not need to call on European CO2 credits and [Fiat Chrysler] will no longer have to pool with Tesla or anyone.\"<blockquote>Stellantis首席执行官卡洛斯·塔瓦雷斯(Carlos Tavares)在合并后对法国媒体表示：“凭借PSA为Stellantis带来的电气技术，我们最早将在今年自主满足二氧化碳排放法规。”“因此，我们将不需要对欧洲二氧化碳信用额进行看涨期权，[菲亚特克莱斯勒]也将不再需要与特斯拉或任何人合作。”</blockquote> Already Anticipated?<blockquote>已经预料到了？</blockquote> To be sure, the looming threat of regulatory credit sales eroding is by no means a novel development. CFO Zachary Kirkhorn noted in a call with analysts in mid-2020 that “we don’t manage the business with the assumption that regulatory credits will contribute significantly to the future. Eventually this will reduce.”<blockquote>可以肯定的是，监管信用销售侵蚀的迫在眉睫的威胁绝不是一个新的发展。首席财务官Zachary Kirkhorn在2020年年中与分析师举行的看涨期权中指出，“我们在管理业务时不会假设监管信贷将对未来做出重大贡献。最终这种情况会减少。”</blockquote> Kirkhorn’s focus on the core business, especially in terms of battery technology, rather than the regulatory credit sales, is bolstered by the thoughts of prominent Tesla bulls.<blockquote>柯克霍恩专注于核心业务，特别是在电池技术方面，而不是监管信贷销售，这得到了著名特斯拉多头思想的支持。</blockquote> “We have owned Tesla for a decade and from day one we expected regulatory credits to go to zero within three years,” Jennison Associates analyst Owuraka Koney said. “They are comfortable without these regulatory credits and they make money when you exclude these credits and these non-recurring costs that they face.”<blockquote>Jennison Associates分析师Owuraka Koney表示：“我们拥有特斯拉已经十年了，从第一天起，我们就预计监管信用将在三年内降至零。”“他们在没有这些监管信贷的情况下也很舒服，当你排除这些信贷和他们面临的这些非经常性成本时，他们就能赚钱。”</blockquote> Koney cited Elon Musk’smassive compensation packagetied to the company's recent stock surges as a key non-recurring cost in this context. Further, Koney argued that the regulatory credit benefits are being unfairly compared to overall profitability, which he sees as an apples-and-oranges comparison. He explained that the more relevant comparison is to Tesla’s operating income, which was $1.99 billion on a GAAP basis in 2020, up over $2 billion from the figure in 2019. The leap suggests strength greater than that simply achieved via the regulatory credit benefit, in his view.<blockquote>科尼指出，埃隆·马斯克与公司近期股价飙升相关的巨额薪酬方案是这种情况下的一项关键非经常性成本。此外，科尼认为，监管信贷收益与整体盈利能力相比是不公平的，他认为这是苹果和橘子的比较。他解释说，更相关的比较是特斯拉的营业收入，2020年按GAAP计算为19.9亿美元，比2019年的数字增长了20多亿美元。在他看来，这一飞跃表明了比仅仅通过监管信贷利益实现的实力更强的实力。</blockquote> Mike Dovororany, VP of Automotive &amp; Mobility at market research firm Escalent, seconded the rosier view held by Koney, reiterating that the risk of regulatory credits fading is well understood by savvy investors, and further that the current U.S. administration might actually aid Tesla’s ability to capitalize on regulation.<blockquote>市场研究公司Escalent汽车与移动副总裁Mike Dovororany支持Koney持有的乐观观点，重申精明的投资者非常了解监管信用减弱的风险，并进一步表示，现任美国政府实际上可能会帮助特斯拉利用监管的能力。</blockquote> “Because credit sales have always been the main driver behind Tesla’s profitability, investors should be well-accustomed to this risk,” he explained. “Also, as the Biden Administration looks to reconsider stricter emissions regulations, the EV credit market could become more important than ever.”<blockquote>“由于信贷销售一直是特斯拉盈利的主要驱动力，投资者应该已经习惯了这种风险，”他解释道。“此外，随着拜登政府寻求重新考虑更严格的排放法规，电动汽车信贷市场可能会变得比以往任何时候都更加重要。”</blockquote> With the administration now proposing a $174-billion investment in the electric vehicle market aspart of the American Jobs Act, including new tax credits, there is certainly ample reason to be excited. Given Tesla's ability to capitalize on these incentives, it will be worth watching what the final bill entails when it crosses Biden's desk and whether it might mean lead to more big profits for Tesla.<blockquote>作为《美国就业法案》的一部分，政府现在提议对电动汽车市场投资1740亿美元，包括新的税收抵免，当然有足够的理由感到兴奋。鉴于特斯拉有能力利用这些激励措施，值得关注的是最终法案提交拜登办公桌时会带来什么，以及它是否可能意味着为特斯拉带来更多巨额利润。</blockquote>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla’s Profitability and the Surprising Thing That Could Threaten It<blockquote>特斯拉的盈利能力以及可能威胁它的令人惊讶的事情</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla’s Profitability and the Surprising Thing That Could Threaten It<blockquote>特斯拉的盈利能力以及可能威胁它的令人惊讶的事情</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Street2021-06-21 21:01\n\n</h4>\n</header>\n<article>\n Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well. The explosion in electric vehicle (EV) demand has served to vindicate the vision of Tesla’s&nbsp;(TSLA) -Get Report&nbsp;celebrity CEO Elon Musk. Indeed, the surge in demand for EVs has not only vindicated his foresight, but allowed his company to remain a market leader above late-coming competitors.<blockquote>电动汽车领域日益激烈的竞争不仅会抑制特斯拉的增长率，还会减少一大收入来源。电动汽车(EV)需求的爆炸式增长证明了特斯拉的愿景（特斯拉）-获取名人首席执行官埃隆·马斯克的报告。事实上，电动汽车需求的激增不仅证明了他的远见，也让他的公司保持了超越后来者竞争对手的市场领导者地位。</blockquote> However, while the company Musk leads as Technoking is no doubt a market leader, it has not solely cashed in by beating its competitors in terms of sales. Instead, a key to the company's recent turn to profitability has come from taking advantage of government incentives and selling the excess incentives it holds to these very same competitors. And now that many of these competitors are engaging more aggressively in EVs themselves, Tesla may soon find itself without many of these customers and, therefore, without a significant contributor to its profits.<blockquote>然而，尽管马斯克领导的Technoking公司无疑是市场领导者，但它并不仅仅通过在销售额上击败竞争对手来获利。相反，该公司最近扭亏为盈的关键来自于利用政府激励措施，并将其持有的多余激励措施出售给这些竞争对手。现在，许多竞争对手都在更积极地涉足电动汽车领域，特斯拉可能很快就会发现自己没有了许多这样的客户，因此也没有对其利润做出重大贡献。</blockquote> Raking in the Regulatory Credits<blockquote>赚取监管信用</blockquote> The credits that Tesla has handsomely profited from are tradable credits offered by various governments around the world for zero-emission vehicles. The fact that they are tradable is crucial since this allows Tesla to sell the credits to other automakers who might not otherwise comply with emission standards without the use of these credits. The set-up allows Tesla to book the credits as purely additive to its top line, with the automakers buying these credits avoiding hefty fines from regulators.<blockquote>特斯拉从中获得丰厚利润的积分是世界各国政府为零排放汽车提供的可交易积分。它们可交易的事实至关重要，因为这使得特斯拉可以将信用额出售给其他汽车制造商，如果不使用这些信用额，这些汽车制造商可能无法遵守排放标准。这种设置允许特斯拉将积分纯粹作为其营收的附加物，汽车制造商购买这些积分可以避免监管机构的巨额罚款。</blockquote> Per Tesla’s most recent 10-K filing, the company earned $1.58 billion from the sale of these credits in 2020, up from $594 million in the year prior and $419 million in 2018. The year-over -year jump notwithstanding, the credit sales might appear to be a paltry sum given the company’s $31.5 billion in total revenue in 2020. However, their nature as purely profit, in contrast to capital intensive auto manufacturing, means they have been a pivotal part of Tesla’s push towards profitability.<blockquote>根据特斯拉最近提交的10-K文件，该公司在2020年通过出售这些积分赚取了15.8亿美元，高于上一年的5.94亿美元和2018年的4.19亿美元。尽管同比增长，但考虑到该公司2020年315亿美元的总收入，信贷销售额似乎微不足道。然而，与资本密集型汽车制造业相比，它们纯粹是利润的性质意味着它们一直是特斯拉推动盈利的关键部分。</blockquote> Indeed, Tesla’s much-lauded $721 million profit in 2020, the very first profitable full year in its history, was clearly boosted over the top by the surge in regulatory credit sales. Had they remained consistent with the prior periods, the landmark year would have been left short of break-even, keeping up the company's trend of annual losses maintained since its inception.<blockquote>事实上，特斯拉2020年备受赞誉的7.21亿美元利润，这是其历史上第一个全年盈利的一年，显然是受到监管信贷销售激增的提振。如果它们与前几个时期保持一致，这一具有里程碑意义的一年将无法实现收支平衡，从而保持该公司自成立以来一直保持的年度亏损趋势。</blockquote> The trend has continued into 2021 as the company reported $518 million in revenues from credit salesin the first quarter, which boosted the company once again to a $438-million quarterly profit. While vehicle deliveries consistently catch the headlines, it's clear that the regulatory credits are buoying the automaker into the black.<blockquote>这一趋势一直持续到2021年，该公司报告第一季度信贷销售收入为5.18亿美元，这再次使该公司季度利润达到4.38亿美元。虽然汽车交付量不断成为头条新闻，但很明显，监管信贷正在帮助这家汽车制造商实现盈利。</blockquote> Competition Cuts Into Cash Flow<blockquote>竞争削减现金流</blockquote> The problem with the profit margin may be approaching faster than some have anticipated as well, with the increased entry of traditional automakers like Ford&nbsp;(F) -Get Report, General Motors&nbsp;(GM) -Get Report, and Stellantis STLA into the EV space.<blockquote>随着福特等传统汽车制造商的加入，利润率问题的解决速度可能也比一些人预期的要快（F)-获取报告，通用汽车(GM)-获取报告，Stellantis STLA进入电动汽车领域。</blockquote> While much of the focus revolves around these companies’ threat to Tesla’s core auto sales, the popularity of Tesla among its devoted fans might sustain it amidst the hard-charging competition. As such, the trajectory of its sales, while now threatened by competent competition, remains somewhat murky at the moment.<blockquote>虽然大部分焦点都围绕着这些公司对特斯拉核心汽车销售的威胁，但特斯拉在其忠实粉丝中的受欢迎程度可能会在激烈的竞争中维持其地位。因此，其销售轨迹虽然现在受到激烈竞争的威胁，但目前仍然有些模糊。</blockquote> The question of regulatory credit impact is much more straightforward. If Tesla’s competitors are producing their own electric vehicles and fewer ICE autos, they have no need to spend so substantially on buying credits from Tesla.<blockquote>监管信用影响的问题要简单得多。如果特斯拉的竞争对手生产自己的电动汽车并减少内燃机汽车，他们就没有必要花这么多钱从特斯拉购买积分。</blockquote> Per a Reuters report, Fiat Chrysler agreed to purchase $2.4 billion worth of emissions credits from Tesla from 2019 through 2021, likely accounting for a lion’s share of the roughly $2.2 billion recorded in total in credits sold in Tesla’s 2019 and 2020 10-K filings. However, after Fiat Chrysler merged with French automaker PSA Group in May to form Stellantis, this reliable revenue stream looks likely to fade.<blockquote>据路透社报道，菲亚特克莱斯勒同意在2019年至2021年期间从特斯拉购买价值24亿美元的排放信用额，这可能占特斯拉2019年和2020年10-K文件中出售的信用额总额约22亿美元的大部分。然而，在菲亚特克莱斯勒5月份与法国汽车制造商PSA集团合并成立Stellantis后，这一可靠的收入来源似乎可能会消失。</blockquote> \"With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,\" Stellantis CEO Carlos Tavares told French media after the merger. \"Thus, we will not need to call on European CO2 credits and [Fiat Chrysler] will no longer have to pool with Tesla or anyone.\"<blockquote>Stellantis首席执行官卡洛斯·塔瓦雷斯(Carlos Tavares)在合并后对法国媒体表示：“凭借PSA为Stellantis带来的电气技术，我们最早将在今年自主满足二氧化碳排放法规。”“因此，我们将不需要对欧洲二氧化碳信用额进行看涨期权，[菲亚特克莱斯勒]也将不再需要与特斯拉或任何人合作。”</blockquote> Already Anticipated?<blockquote>已经预料到了？</blockquote> To be sure, the looming threat of regulatory credit sales eroding is by no means a novel development. CFO Zachary Kirkhorn noted in a call with analysts in mid-2020 that “we don’t manage the business with the assumption that regulatory credits will contribute significantly to the future. Eventually this will reduce.”<blockquote>可以肯定的是，监管信用销售侵蚀的迫在眉睫的威胁绝不是一个新的发展。首席财务官Zachary Kirkhorn在2020年年中与分析师举行的看涨期权中指出，“我们在管理业务时不会假设监管信贷将对未来做出重大贡献。最终这种情况会减少。”</blockquote> Kirkhorn’s focus on the core business, especially in terms of battery technology, rather than the regulatory credit sales, is bolstered by the thoughts of prominent Tesla bulls.<blockquote>柯克霍恩专注于核心业务，特别是在电池技术方面，而不是监管信贷销售，这得到了著名特斯拉多头思想的支持。</blockquote> “We have owned Tesla for a decade and from day one we expected regulatory credits to go to zero within three years,” Jennison Associates analyst Owuraka Koney said. “They are comfortable without these regulatory credits and they make money when you exclude these credits and these non-recurring costs that they face.”<blockquote>Jennison Associates分析师Owuraka Koney表示：“我们拥有特斯拉已经十年了，从第一天起，我们就预计监管信用将在三年内降至零。”“他们在没有这些监管信贷的情况下也很舒服，当你排除这些信贷和他们面临的这些非经常性成本时，他们就能赚钱。”</blockquote> Koney cited Elon Musk’smassive compensation packagetied to the company's recent stock surges as a key non-recurring cost in this context. Further, Koney argued that the regulatory credit benefits are being unfairly compared to overall profitability, which he sees as an apples-and-oranges comparison. He explained that the more relevant comparison is to Tesla’s operating income, which was $1.99 billion on a GAAP basis in 2020, up over $2 billion from the figure in 2019. The leap suggests strength greater than that simply achieved via the regulatory credit benefit, in his view.<blockquote>科尼指出，埃隆·马斯克与公司近期股价飙升相关的巨额薪酬方案是这种情况下的一项关键非经常性成本。此外，科尼认为，监管信贷收益与整体盈利能力相比是不公平的，他认为这是苹果和橘子的比较。他解释说，更相关的比较是特斯拉的营业收入，2020年按GAAP计算为19.9亿美元，比2019年的数字增长了20多亿美元。在他看来，这一飞跃表明了比仅仅通过监管信贷利益实现的实力更强的实力。</blockquote> Mike Dovororany, VP of Automotive &amp; Mobility at market research firm Escalent, seconded the rosier view held by Koney, reiterating that the risk of regulatory credits fading is well understood by savvy investors, and further that the current U.S. administration might actually aid Tesla’s ability to capitalize on regulation.<blockquote>市场研究公司Escalent汽车与移动副总裁Mike Dovororany支持Koney持有的乐观观点，重申精明的投资者非常了解监管信用减弱的风险，并进一步表示，现任美国政府实际上可能会帮助特斯拉利用监管的能力。</blockquote> “Because credit sales have always been the main driver behind Tesla’s profitability, investors should be well-accustomed to this risk,” he explained. “Also, as the Biden Administration looks to reconsider stricter emissions regulations, the EV credit market could become more important than ever.”<blockquote>“由于信贷销售一直是特斯拉盈利的主要驱动力，投资者应该已经习惯了这种风险，”他解释道。“此外，随着拜登政府寻求重新考虑更严格的排放法规，电动汽车信贷市场可能会变得比以往任何时候都更加重要。”</blockquote> With the administration now proposing a $174-billion investment in the electric vehicle market aspart of the American Jobs Act, including new tax credits, there is certainly ample reason to be excited. Given Tesla's ability to capitalize on these incentives, it will be worth watching what the final bill entails when it crosses Biden's desk and whether it might mean lead to more big profits for Tesla.<blockquote>作为《美国就业法案》的一部分，政府现在提议对电动汽车市场投资1740亿美元，包括新的税收抵免，当然有足够的理由感到兴奋。鉴于特斯拉有能力利用这些激励措施，值得关注的是最终法案提交拜登办公桌时会带来什么，以及它是否可能意味着为特斯拉带来更多巨额利润。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.thestreet.com/investing/surprising-thing-that-could-threaten-teslas-profitability\">The Street</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.thestreet.com/investing/surprising-thing-that-could-threaten-teslas-profitability","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100861051","content_text":"Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well.\n\nThe explosion in electric vehicle (EV) demand has served to vindicate the vision of Tesla’s (TSLA) -Get Report celebrity CEO Elon Musk. Indeed, the surge in demand for EVs has not only vindicated his foresight, but allowed his company to remain a market leader above late-coming competitors.\nHowever, while the company Musk leads as Technoking is no doubt a market leader, it has not solely cashed in by beating its competitors in terms of sales. Instead, a key to the company's recent turn to profitability has come from taking advantage of government incentives and selling the excess incentives it holds to these very same competitors. And now that many of these competitors are engaging more aggressively in EVs themselves, Tesla may soon find itself without many of these customers and, therefore, without a significant contributor to its profits.\nRaking in the Regulatory Credits\nThe credits that Tesla has handsomely profited from are tradable credits offered by various governments around the world for zero-emission vehicles. The fact that they are tradable is crucial since this allows Tesla to sell the credits to other automakers who might not otherwise comply with emission standards without the use of these credits. The set-up allows Tesla to book the credits as purely additive to its top line, with the automakers buying these credits avoiding hefty fines from regulators.\nPer Tesla’s most recent 10-K filing, the company earned $1.58 billion from the sale of these credits in 2020, up from $594 million in the year prior and $419 million in 2018. The year-over -year jump notwithstanding, the credit sales might appear to be a paltry sum given the company’s $31.5 billion in total revenue in 2020. However, their nature as purely profit, in contrast to capital intensive auto manufacturing, means they have been a pivotal part of Tesla’s push towards profitability.\nIndeed, Tesla’s much-lauded $721 million profit in 2020, the very first profitable full year in its history, was clearly boosted over the top by the surge in regulatory credit sales. Had they remained consistent with the prior periods, the landmark year would have been left short of break-even, keeping up the company's trend of annual losses maintained since its inception.\nThe trend has continued into 2021 as the company reported $518 million in revenues from credit salesin the first quarter, which boosted the company once again to a $438-million quarterly profit. While vehicle deliveries consistently catch the headlines, it's clear that the regulatory credits are buoying the automaker into the black.\nCompetition Cuts Into Cash Flow\nThe problem with the profit margin may be approaching faster than some have anticipated as well, with the increased entry of traditional automakers like Ford (F) -Get Report, General Motors (GM) -Get Report, and Stellantis STLA into the EV space.\nWhile much of the focus revolves around these companies’ threat to Tesla’s core auto sales, the popularity of Tesla among its devoted fans might sustain it amidst the hard-charging competition. As such, the trajectory of its sales, while now threatened by competent competition, remains somewhat murky at the moment.\nThe question of regulatory credit impact is much more straightforward. If Tesla’s competitors are producing their own electric vehicles and fewer ICE autos, they have no need to spend so substantially on buying credits from Tesla.\nPer a Reuters report, Fiat Chrysler agreed to purchase $2.4 billion worth of emissions credits from Tesla from 2019 through 2021, likely accounting for a lion’s share of the roughly $2.2 billion recorded in total in credits sold in Tesla’s 2019 and 2020 10-K filings. However, after Fiat Chrysler merged with French automaker PSA Group in May to form Stellantis, this reliable revenue stream looks likely to fade.\n\"With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,\" Stellantis CEO Carlos Tavares told French media after the merger. \"Thus, we will not need to call on European CO2 credits and [Fiat Chrysler] will no longer have to pool with Tesla or anyone.\"\nAlready Anticipated?\nTo be sure, the looming threat of regulatory credit sales eroding is by no means a novel development. CFO Zachary Kirkhorn noted in a call with analysts in mid-2020 that “we don’t manage the business with the assumption that regulatory credits will contribute significantly to the future. Eventually this will reduce.”\nKirkhorn’s focus on the core business, especially in terms of battery technology, rather than the regulatory credit sales, is bolstered by the thoughts of prominent Tesla bulls.\n“We have owned Tesla for a decade and from day one we expected regulatory credits to go to zero within three years,” Jennison Associates analyst Owuraka Koney said. “They are comfortable without these regulatory credits and they make money when you exclude these credits and these non-recurring costs that they face.”\nKoney cited Elon Musk’smassive compensation packagetied to the company's recent stock surges as a key non-recurring cost in this context. Further, Koney argued that the regulatory credit benefits are being unfairly compared to overall profitability, which he sees as an apples-and-oranges comparison. He explained that the more relevant comparison is to Tesla’s operating income, which was $1.99 billion on a GAAP basis in 2020, up over $2 billion from the figure in 2019. The leap suggests strength greater than that simply achieved via the regulatory credit benefit, in his view.\nMike Dovororany, VP of Automotive & Mobility at market research firm Escalent, seconded the rosier view held by Koney, reiterating that the risk of regulatory credits fading is well understood by savvy investors, and further that the current U.S. administration might actually aid Tesla’s ability to capitalize on regulation.\n“Because credit sales have always been the main driver behind Tesla’s profitability, investors should be well-accustomed to this risk,” he explained. “Also, as the Biden Administration looks to reconsider stricter emissions regulations, the EV credit market could become more important than ever.”\nWith the administration now proposing a $174-billion investment in the electric vehicle market aspart of the American Jobs Act, including new tax credits, there is certainly ample reason to be excited. Given Tesla's ability to capitalize on these incentives, it will be worth watching what the final bill entails when it crosses Biden's desk and whether it might mean lead to more big profits for Tesla.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":549,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/167493653"}